A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Power Monitoring – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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ABSTRACT-
Global Power Monitoring Market to Reach $3.6 Billion by 2026
Power monitoring system is a technology platform designed to provide real-time data pertaining to the power supply, consumption and events in a plant, factory, building or structure. Comprising a network of meters connected to a power system in a site, power monitoring system typically aids enterprises in improving the power quality, increasing the facility uptime, generating faster response to power related issues, and in verifying the reliable power equipment operation. Further, enterprises can also leverage the power monitoring system to prevent the overheating of conductors, control and protect the electrical network, enhance the lifespan of electrical equipment, ensure energy contract compliance and fully or partially reduce peak demand power factor penalties. Deployment of power monitoring system allows industrial entities to create a proactive approach to enterprise-level energy management. Power monitoring technology has wider relevance in industrial as well as commercial, and residential environments. Industrial power monitoring technologies are widely used in manufacturing & process industry, power utilities, renewable energy plants, data centers, public infrastructure facilities, and electric vehicle charging stations, among others. Delivering the continuous, convenient and reliable power monitoring capabilities, modern technologies address the challenge of excess utilization of power in plants, factories and structures. Selection of reliable hardware (meters) for capture of data and events, and implementation of end-to-end software for data visualizing and analysis are pre-requisites for reaping the benefits of power monitoring platform.
In industries facing power quality issues, power monitoring systems enable automatic retrieval and analysis of power quality events. Power quality issues can amount to interrupted processes and scrapped products which may result in substantial loss of annual revenue. To tackle such issues, power monitoring systems provide several benefits related to energy consumption. A power monitoring system automatically tags significant events with potential to trigger damage within a facility. These systems prevent premature failure of crucial equipment, prevents automatic resetting of control devices or nuisance tripping, reliable clean power supply that ensures personnel safety, enables automation of emergency power supply system (EPSS) reporting for compliance, and capable of handling complex cost allocations computations. Power monitoring systems can mitigate events that can cause premature failure of important equipment such as motors, transformers, pumps, control devices, and other electrical equipment. Production facilities equipped with distributed control system (DCS) or programmable logic controller (PLC) are prone to automatic resets or nuisance tripping, which can negatively impact the quality of manufactured products or bring online an emergency power supply system in the event of a non-emergency. Power monitoring system effectively prevents nuisance tripping and its negative impact. It also provides visibility into reliability metrics that can help reduce maintenance costs and extend equipment lifespan.
Amid the COVID-19 crisis, the global market for Power Monitoring estimated at US$3 Billion in the year 2022, is projected to reach a revised size of US$3.6 Billion by 2026, growing at a CAGR of 4.4% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to record a 4.9% CAGR and reach US$2.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 3.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $920.7 Million in 2022, While China is Forecast to Reach $407.3 Million by 2026
The Power Monitoring market in the U.S. is estimated at US$920.7 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$407.3 Million by the year 2026 trailing a CAGR of 6.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.
While uptrend in key end-use verticals such as manufacturing & process industry, data centers, utilities & renewables, and public infrastructure, has a strong bearing on market expansion, increased emphasis on industrial automation and roll out of advanced power monitoring tools instigated widespread growth of the market. Substantial expansion in manufacturing and process industry and critical need for power reliability in industrial environments contributed immensely to the growth of power monitoring systems market over the years. Plant automation, which emerged as the key trait of modern industrial manufacturing enterprise, paved way for design, development and roll out of high-tech systems that aid factories and plants to run their operations in automated manner. Key benefits of automation such as reduced need for manual workforce, low OPEX, and high productivity have grabbed the attention of world manufacturing sector, while instigating market opportunities to various automation technologies including power monitoring, which stresses on automated energy management in plants and factories.
On the other hand, steep increase in investments on power utilities and renewable energy facilities widened the business prospects for power monitoring solutions. Particularly, the rise of ‘Smart Grid’ and solar and wind energy plants has a major bearing on wider adoption of power monitoring technology in the utilities and renewables vertical. Likewise, the advent of digital lifestyle and digital economy induced a healthy trajectory in global data center industry, creating large-scale opportunities to various electrical systems markets including power monitoring systems, which aid data centers in streamlining their electrical system efficiency and performance.
Academia Embraces Power Monitoring Technology to Push Energy Efficiency
Colleges and universities with swanky and sprawling campuses are known for high energy demand and associated issues such as power outages or shortages. Some of these educational hubs depend on utilities for their power supply and also manage a co-generation unit to address cooling and heating needs of the campus. However, increasing energy usage and issues related to reliability and quality of electricity supply are driving various institutions to invest in power monitoring systems. The technology allows universities and colleges to address various issues like inefficiency related to manual investigation of problems in the electrical infrastructure, power quality concerns, and monitoring of co-generation unit operations. Power monitoring is used by these campuses for monitoring electricity production by co-generation units to keep energy usage within thresholds specified by local utilities. The technology facilitates power management, event verification, billing information, power unit operations, and troubleshooting. The adoption of power monitoring systems is also propelled by their ability to help users in accessing historical and real-time data for monitoring efficiency and troubleshooting issues. These systems are anticipated to find extensive adoption across colleges and universities for their immense potential to help users realizing notable energy savings and reduce maintenance costs. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
